Three-Home Multifamily
For Sale
$525,000
2829 S Asotin St, Tacoma, WA 98409
Three residences share one parcel with M-1 zoning and two garage-workshop structures.
Property Size2,769 SF
Price / SF$189.60
Days on Market10
Property Features for 2829 S Asotin St
General Information
Standard status
Active
Size
2,769 SF
Property subtype
Multi-Family
Zoning
M-1
Property Condition
Severity
Repairs Needed
Evidence
need cosmetic updates
Additional Details
Road Access
Yes
Multifamily Units
3
Building Details
Year Built
1910
Listing Agency:
Compass
(360) 918-6497
Listed By:
Chris Murphy · License #111144
(360) 918-6497
Source:
Pugetsoundrealestate
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 30 at 4:24PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Compass
Investment Insights
Based on property information with market context.
This 2,769-square-foot multifamily property contains three homes on a single parcel, along with two garages or workshops. Constructed in 1910, the property requires cosmetic updating, while most mechanical systems have been updated. The existing improvements provide a mix of residential structures and functional accessory space.
Located at 2829 S Asotin St in Tacoma, the property has frontage along Center Street. M-1 zoning places the parcel within a Light Industrial District, where manufacturing, industrial, and other permitted uses may be allowed. Residential, investment, redevelopment, and future business applications are identified as potential directions, subject to verification of zoning, permitted uses, and development requirements.
Located at 2829 S Asotin St in Tacoma, the property has frontage along Center Street. M-1 zoning places the parcel within a Light Industrial District, where manufacturing, industrial, and other permitted uses may be allowed. Residential, investment, redevelopment, and future business applications are identified as potential directions, subject to verification of zoning, permitted uses, and development requirements.
Key Highlights
- Three homes situated on one parcel
- 2,769 SF multifamily property
- M‑1 zoning within a Light Industrial District
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,705
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.04%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$634,100
$634.1K
Cap Rate 7%
$452,929
$452.9K
Cap Rate 9%
$352,278
$352.3K
Market Conditions
NOI Build-Up for 2,769 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$60.8K $21.96/SF
− Vacancy
−$3.2K −$1.14/SF
EGI
$57.6K $20.82/SF
− OpEx
−$25.9K −$9.37/SF
NOI
$31.7K $11.45/SF
Area
Tacoma, WA
Vacancy
5.20%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$634,100
Cap Rate 7%
$452,929
Cap Rate 9%
$352,278
Alternative Uses
Best Use
Apartment 5plus
$452.9K
$396.3K – $528.4K
NOI $31,705 @ 7.0% cap · market cap 6.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$851.1K
$744.7K – $993.0K
NOI $59,578 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
429
Businesses Nearby
Explore this area
Business Placement
Demographics for 98409, WA
27,840
Population
12,136
Households
2.3
Avg Household Size
33
Median Age
21%
College-Educated
87%
High-School Grad
7.1 sq mi
ZIP Area
3,921
Density / Sq Mi
$71,649
Median Household Income
$43,652
Median Earnings
$1,579
Median Rent
$363,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Three residences share one parcel with M-1 zoning and two garage-workshop structures.
Where is this multifamily property located?
The property is located at 2829 S Asotin St Tacoma, WA.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Three homes situated on one parcel; 2,769 SF multifamily property; M‑1 zoning within a Light Industrial District
